Nicolas Cage, one of Hollywood’s highest paid actors, has found himself owing over $6.3 million in back taxes. Read more on Nicolas Cage’s money troubles below.
In a lawsuit filed on Oct. 16 in Los Angeles, the actor, 45, says his longtime business manager, Samuel J. Levin, “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
The Bad Lieutenant: Port of Call New Orleans actor had hired Levin to oversee his investments and finances, which apparently led to his financial ruin.
In April, Nicolas Cage was forced to sell his Bavarian castle, selling it to his German advisor, lawyer Konrad Wilfurth.
And now Cage has been forced to put his other homes on the market in California, Las Vegas and New Orleans, where two of his residencesare up for auction. Regions Bank reportedly foreclosed on Hancock Park Real Estate Co., the owner of Cage’s properties, for $5.5 million in unpaid mortgage debts.
There was a tax lien placed on Cage’s real-estate holdings because of $6 million in unpaid taxes dating from 2007. And on top of that, the IRS has another lien for over $350,000 in unpaid taxes dating from 2002 to 2004.
East West Bank also filed a breach-of-contract complaint in Los Angeles Superior Court that states that Cage had failed to repay a $2 million loan.
In the lawsuit that the actor filed against his business manager, Cage says he “relied on Levin to handle his financial affairs to ensure that he and his family would have a financially secure future built on the foundation of the substantial monies Cage earned through years of hard work.”
“He is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness,” the lawsuit alleges.(Interestingly, Cage sold off his rare comic-book collection for more than $1.6 million in 2002, a year after hiring Levin.)
Now Nicolas Cage faces “catastrophic losses” of more than $20 million, according to his lawsuit. The next court hearing is scheduled for February 2010.
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